Travelers Reports 17% Profit Hike in 1Q

April 23, 2014

Travelers Companies Inc. reported a 17 percent rise in first-quarter profit, helped by higher underwriting gains and an increase in net investment income.

Net income rose to $1.05 billion for the quarter ended March 31, from $896 million a year earlier.

Net investment income rose about 10 percent to $736 million as Travelers benefited from strong returns in its non-fixed income portfolio.

Underwriting gains jumped about 32 percent to $791 million.

Net written premiums rose about 5 percent to $5.87 billion, while total revenue rose 6 percent to $6.71 billion.

“Our very deep agent, broker and customer relationships, highly segmented pricing strategies and expense discipline continued to deliver strong and improving underwriting results,” Chief Executive Jay Fishman said in a statement.

Pre-tax catastrophe losses, net of reinsurance, rose about 50 percent to $149 million.

Travelers’ combined ratio fell to 88.2 percent in the quarter from 90.8 percent.

(Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty and Prateek Chatterjee)

 

Latest Comments

  • April 28, 2014 at 2:47 pm
    agent14 says:
    I wonder if Jay Fishman is listening. Seems the agents have spoken. Did anyone on Jay's "team" think to ask an agent about how they felt about paying them 20% less than the ... read more
  • April 28, 2014 at 9:54 am
    Libby says:
    You have no idea. It's to the point where I'll place anywhere else I can just not to give it to Travelers.
  • April 27, 2014 at 1:01 pm
    agent14 says:
    Funny. Travelers decisions regarding agents has created a divide between Travelers the company and the agents that represent Travelers.
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